| FEATURE | GRVT | BULK |
|---|---|---|
| Type | HYBRID | DEX |
| Taker Fee | 0.045% | 0.035% |
| Maker Fee | -0.0001% | 0% |
| Max Leverage | 50x | 40x |
| Perp Pairs | 184 | 8 |
| Spot Trading | Yes | No |
| KYC Required | No | No |
| Rating | 4.5 | 3.0 |
GRVT vs BULK: key differences
Opening and closing a $10,000 position with market orders costs $7.00 on BULK and $9.00 on GRVT at base-tier taker fees, a difference of $2.00 per round trip.
For limit orders, GRVT pays makers a 0.0001% rebate, while BULK charges makers nothing.
GRVT allows up to 50x leverage against 40x on BULK. The headline figure usually applies to a few markets only, so check the limit on the pair you trade.
GRVT lists 184 perpetual markets, BULK lists 8.
GRVT also has spot trading; BULK is perpetuals only.
GRVT is the more liquid venue, with $481M in 24-hour volume against $21M on BULK (about 23 times more). Deeper books mean less slippage on large orders.
Neither exchange requires KYC: both are used by connecting a wallet.
Margin is posted in USDT, USDC on GRVT and in USDC on BULK.
Figures as of 2026-10-04, from each exchange's documentation, CoinGecko and DeFiLlama.
Costs, liquidity and safety in detail
| GRVT | BULK | |
|---|---|---|
| Taker round trip on $10,000 | $9.00 | $7.00 |
| Maker round trip on $10,000 | $0.02 rebate | $0 |
| Best-tier taker fee | 0.024% | 0.022% |
| BTC max leverage | 50x | 40x |
| Margin modes | cross, isolated | cross, isolated |
| 24h volume | $481M | $21M |
| TVL | $34M | $8M |
| Custody | non-custodial | non-custodial |
| Collateral | USDT, USDC | USDC |
| Deposit networks | Ethereum, Arbitrum, Base +4 more | Solana |
| Minimum order | $5 | $1 |
| Order types | 10 | 9 |
| Options | No | No |
| Mobile app | Yes | No |
| Testnet or demo | Yes | Yes |
| Vaults or copy trading | No | No |
| Insurance fund | Yes | Yes |
| Audited | Yes | Yes |
| Restricted jurisdictions | 17 | 43 |
| Founded | 2022 | 2025 |
Choose GRVT if
- You place limit orders: makers earn a 0.0001% rebate.
- You want higher leverage: up to 50x against 40x.
- You trade smaller or newer markets: 184 perpetual pairs against 8.
- You trade size and need liquidity: $481M in 24-hour volume against $21M.
- You want spot and perpetuals in one account.
- You trade from a phone: GRVT has a mobile app.
Choose BULK if
- You mostly use market orders: 0.035% taker fee against 0.045% on GRVT.
GRVT
PROS
- + Negative maker fees on perpetuals across all nine tiers, from -0.0001% at Level 1 to -0.003% at Level 9, so makers receive a rebate on every filled limit order
- + Self-custodial with optional KYC: users can sign up with only an email and trade without identity verification while keeping control of their funds
- + 184 perpetual markets, including 98 equity and index markets and 8 commodity markets such as gold (XAU) and crude oil, with up to 50x leverage on BTC and ETH
CONS
- − Only USDT and USDC are accepted as collateral; unified multi-collateral margin is targeted for Q4 2026 in the GRVT litepaper
- − Spot trading is limited to two pairs (GRVT/USDT and USDC/USDT), and options and dated futures are not available
- − Leverage is capped at 10x on 172 of the 184 perpetual markets; 50x applies only to BTC and ETH positions under 600,000 USD notional
BULK
PROS
- + Base taker fee of 0.035% and maker fee of 0% during the Genesis phase, with taker fees down to 0.022% at 4 billion dollars of 14-day volume and maker rebates of up to 0.015%
- + Portfolio margin is the default: margin is calculated on the correlation-adjusted exposure of the whole account, which the docs say can cut requirements for a hedged BTC and ETH position by 30% to 70% against isolated margin
- + Non-custodial: funds sit in a per-user account of a Solana program, withdrawals need a FROST threshold signature from the validator set, and Zellic audited the program in July 2026
CONS
- − Mainnet is invite-only since September 5, 2026: access codes are the only way in for new users, they are single-use and expire weekly, and no date for public access has been announced
- − Only 8 of 22 listed perpetual markets were open for trading on October 4, 2026, there is no spot trading, and USDC on Solana is the only collateral
- − 24-hour volume was about 21 million dollars and open interest about 9 million dollars on October 4, 2026 per the BULK API, and BTC accounted for 14.3 million dollars of that volume
Frequently Asked Questions
Is GRVT or BULK better?
GRVT has a higher rating (4.5 vs 3). BULK offers lower fees (0.035% vs 0.045%). Choose GRVT for higher leverage, and BULK for lower fees.
What are the fees on GRVT vs BULK?
GRVT charges 0.045% taker / -0.0001% maker. BULK charges 0.035% taker / 0% maker for perpetuals.
Which has higher leverage, GRVT or BULK?
GRVT offers up to 50x, and BULK offers up to 40x. Maximum leverage applies to selected markets and falls as position size grows on both exchanges.
Do GRVT and BULK require KYC?
GRVT does not require KYC. BULK does not require KYC. Both restrict some jurisdictions (GRVT lists 17; BULK lists 43), so check the terms of service for your country before depositing.
Is GRVT or BULK safer?
GRVT has been audited and runs an insurance fund, and custody is non-custodial. BULK has been audited and runs an insurance fund, and custody is non-custodial. Neither audits nor insurance funds remove smart contract risk, so size deposits accordingly.
Which has more trading volume, GRVT or BULK?
GRVT recorded $481M in 24-hour volume and BULK recorded $21M, as of 2026-10-04. GRVT lists 184 perpetual markets and BULK lists 8.